Tribeca DAO continues to showcase its utility in the ecosystem with the addition of PortDAO
Another DAO on Solana
Port Finance has introduced its decentralized autonomous organization (DAO) called PortDAO.
The DAO that was launched on January 6 enables users to stake PORT tokens and participate in the DAO by creating a proposal or voting on ones created by other users. PortDAO is powered by Tribeca Governance, a Solana-based governance protocol that is built for DAOs. The initial matters that are expected to be slated for discussion via the DAO are Liquidity Mining Rewards distribution, Token Support on the platform, and Collateral Risk Parameters.
“The Tribeca vote locking and governance system provides the foundation for the Port DAO. In the coming weeks, we will be transitioning the program upgrade authority, treasury, and Port Lending Market Authority to the DAO. We will also start the process of gradually open-sourcing our on-chain program via Anchor verifiable build,” mentioned the official Medium blog elaborating on the assignment.
Just before the end of the previous year, as reported by Solana.News, Port Finance closed a Series-A funding round of $5.3 million led by Alameda Research and supported by investments from Spartan Capital, Brevan Howard, and a41 Ventures, amongst other angel investors.
In other DAO-related developments, as previously reported by Solana.News, the leading stablecoin DEX in the Solana ecosystem, Saber launched the first proposal on its newly created DAO on Jan. 5, ‘Protocol Own Liquidity to generate yield and stabilize liquidity.’ The proposal has since gone ahead to fail due to 2 votes against it. The DAO now has 4 proposals in its history in a short duration, out of which 2 have already failed while voting is still open for the other two.
What is Port Finance?
Port Finance is a decentralized money market protocol based on Solana. The protocol aims to provide lending products that include variable-rate lending, fixed-rate lending, and interest rate swaps. The protocol’s team has prior experience with tech giants like Google, Facebook, and Microsoft and has also contributed to Solana and Project Serum in the past.
Find more about Port Finance here:
Source : solana.news